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Morgan Stanley says the true price of bitcoin might be zero

By Business Insider

Even after a rough week, bitcoin is trading at around $14,400. A recent research note from Morgan Stanley points out how hard it is to justify that valuation. The scarcity of people willing to acceRead full story

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  • Is it bad that all this hating on bitcoin makes me more intrigued and thinking it will do well?

  • Like the dollar, the value of bitcoin is based solely on the faith and credit of the (bitcoin) economy. When I first tried to go into business, my accountant reminded me that the price at which you can sell something is the price a buyer is willing pay for it. Sounds obvious, (and trite) but as long as someone is willing to pay something for bitcoin, it's got value, the same as any other widget, rubber ball or fiat currency. When no one wants to exchange anything for it, it's worthless.

  • The Bloomberg article attached is probably most positive thing I have read for the long term survival of crypto currencies. Far more interesting than all the self professed Bitcoin experts looking for glory calls to help raise their personal profiles . Cynics will no doubt say Goldman are just after another quick buck, but in reality, history dictates that they are smart, and will help shape US policy and help guide the authorities through this minefield. Also ICO’s are a potentially highly disruptive

    The Bloomberg article attached is probably most positive thing I have read for the long term survival of crypto currencies. Far more interesting than all the self professed Bitcoin experts looking for glory calls to help raise their personal profiles . Cynics will no doubt say Goldman are just after another quick buck, but in reality, history dictates that they are smart, and will help shape US policy and help guide the authorities through this minefield. Also ICO’s are a potentially highly disruptive threat to their core business so they have little choices there than to play at the Casino, as the tail has truly wagged the dog in this instance. Both bulls and bears should stop their crusades and just monitor what’s really happening as it has little to do with price movement. Bitcoin is being institutionalised and that’s seriously interesting!

    Goldman look set to launch Wall Street’s first crypto-currency desk.

    Goldman is setting up a crypto-currency trading desk which should be operational by June. The move is in response to client interest in digital currencies according to a spokesman from Goldman. The bank is understood to be working to resolve security issues as well as how it would hold or custody the assets.The bank is one of just a few mainstream firms currently clearing bitcoin futures while peers such as Citigroup and BAML sitting on the sidelines

    https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk

  • Theoretically under the proper circumstances, the price of anything is zero. Move along, nothing to see here...

  • Doh! The bitcoin takedown continues.

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